Now is the right time to start a real estate business in Dubai mainland as the industry is in bounce-back mode thanks to progressive initiatives including the Golden Visa. Real estate adviser CBRE Group Inc. reports that the total real property transaction volume reached 29,323 as of March 2023. Setting up a Real Estate Management Supervision Services Firm in Dubai makes business sense amidst these upbeat industry growth statistics.
As per the regulations of business setup in Dubai, the real estate segment is a special activity that warrants approvals and permits from concerned government departments. A foreign investor may struggle with the process of company registration in Dubai mainland if he or she is unaware of such complex requirements. Hiring experienced business setup consultants in Dubai is the best solution to navigate the challenges of opening a Real Estate Management Supervision Services Firm.
Read ahead to understand how to start a Real Estate Management Supervision Services Firm in Dubai mainland:
What is the Real Estate Management Supervision Services License?
The Department of Economy and Tourism (DET), the competent licensing authority in Dubai mainland, issues the trade license for Real Estate Management Supervision Services companies. The professional license comes under the Real Estate Activity Group with Activity Code 6820014. DET issues the license to firms “specialized in managing and supervising properties as regarding contracting with the firms in charge of maintenance, cleaning and security services, handling the administrative issues for the property’s owner, coordinate with lease brokers to find tenants for vacant units in the building, these firms are not allowed to practice selling, leasing or releasing properties”.
How to get a Real Estate Management Supervision Services License?
The process of company formation in Dubai mainland involves several steps. Completing each step in line with the DET requirement is essential for speeding up the process of company registration in Dubai. The following are the steps:
- Select the activity
- Choose a name for the company
- Determine an appropriate legal structure
- Get DET’s initial approval
- Rent a suitable office space and get the Ejari
- Obtain approval from Real Estate Regulatory Agency (RERA)
- Submit all the documents
- Get the trade license
How to obtain RERA Approval for a Real Estate Business in Dubai?
Since it is a special activity, obtaining RERA approval is mandatory for Real Estate Management Supervision Services Firms in Dubai. For obtaining RERA approval in Dubai, you must register in the Trakheesi system through Dubai Land Department’s website www.dubailand.gov.ae In the next step, apply for a professional practice card for the real estate activity.
You must fill in the data, attach the required documents, and send the application electronically. Once the request is verified, an approval will be issued, and a notification of approval will be sent through the system, You should also pay the fees electronically and receive a notification of registration.
Consult with the Top Business Setup Consultants in Dubai, UAE
Getting RERA approval is mandatory for setting up a Real Estate Management Supervision Services Firm in Dubai mainland. The process of obtaining approval from RERA is a complex process that can be delayed without the assistance of professional consultants. The RERA procedures can be easily navigated by seeking assistance from the best business setup consultants in Dubai such as Jitendra Business Consultants (JBC). JBC offers bespoke business setup services in Dubai to help you meet all your company registration requirements.
JBC has highly qualified consultants who can advise you on major requirements of real estate company registration in Dubai such as RERA approval, document drafting, visa processing, and bank account opening. Our consultants are highly qualified and well-versed in UAE immigration law and labour laws. JBC’s company setup consultants in Dubai can also assist you to meet the mandatory regulatory requirements related to Anti-money Laundering and Combatting Financing of Terrorism (AML-CFT), Economic Substance Regulations (ESR) and Ultimate Beneficial Ownership (UBO).